key terms Flashcards
the point at which ownership of a property is transferred in exchange for the selling price
closing
at the closing, the ___ is transferred in exchange for ___.
title to the real estate
payment of the purchase price
a thorough knowledge of the ___ is the best defense against the risk of a transaction failing
closing process
Provides information about the exact location and size of the property
Survey
Encumbrances on the real estate or claims on the title
Clouds on the title
The second search of public records
bring-down
a sworn statement in which the seller assures the title insurance company (and buyer) that there have been no judgments, bankruptcies, or divorces involving the seller since the date of the title examination
Affidavit of title
Payoff statement for an existing loan noting the unpaid amount of principal, interest due through the date of payment, fee for issuing the certificate of satisfaction or release deed, credits (if any) for tax and insurance reserves, and the amount of any prepayment penalties.
Estoppel Certificate
OR
Certificate of no defense
method of closing in which a disinterested 3rd party is authorized to act as an escrow agent and to coordinate the closing activities
Closing in escrow